Bill Magnuson: Yes. So there are some great things that we’ve been seeing from a competition standpoint. First, the vendor consolidation momentum has been really positive for us. We also continue to win at higher prices and head-to-heads because we are effectively value selling. We’ve spoken a lot about our go-to-market investment that we’ve been making over the last few quarters and I’ve been excited to see the results from that. We’re operating with less opportunities to go around which I think because of the macro, everyone is, we’re definitely seeing more desperate tactics from competitors. And frankly, we’re actually seeing those from competitors that are both large and small. But we don’t see anything that is fundamentally changing the competitive landscape.
I’d also say that even those competitors who are progressing by trying to imitate our feature set, they’re still built on either old or cheapen in complete architectures which simply means that their attempts to fast follow us and try to sell at lower prices are eventually going to hit a wall. And in the meantime, we’re going to keep innovating and leading the way. You know from our track record that we don’t do margin dilutive deals and we’re seeing those win rates improve or hold up, depending on which category we’re operating in. It is definitely a dynamic competitive landscape. And as I mentioned, there are less opportunities to go around before and that’s having predictable second order effects from our competitive cohorts but we feel really good about where we’re positioned, especially over the longer term.
Jake Titleman: That’s great. And then maybe you can comment on if you think this market slowdown has maybe concerned you at all that the TAM for an offering like BRAS isn’t as large as you previously thought? Maybe if not, you can talk about your conviction in the long-term fundamentals and why investors should not view the current environment as the new normal?
Bill Magnuson: I would hold up 2 things here. First, as we referenced earlier on the call, we’re seeing things like messaging and data volumes and such, all hold up which I think is a pretty clear sign that, that overall activity between brands and customers communicating with each other, it’s not something that is a temporary a temporary phenomenon in business or in the lives of humans. But also when we just look at the secular and generational trends that are happening right now as we continue to digitize more and more of our lives and really importantly to me is I think that we’re still in the early innings of this move to first-party data, the first kind of valley of investment in first-party data, I think, has been an understandable reaction to the fall of third-party data, the — whether it’s IDFA or the death of the cookie or what have you, you see brands trying to collect first-party data sets because they’re trying to replace third-party data sets for things that they were doing before.
But the more important aspect of first-party data in these first-party relationships is that it takes the customer relationship which, of course, de facto always exists in the ether. And it actually makes it directly actionable. The fact that you can understand the nature of your customer relationships and you can take action in order to enhance them directly when you combine together an investment in first-party data with sophisticated and powerful customer engagement tools like Braze is creating tremendous amounts of business value for those brands that are already investing in it. And when I kind of look at the many secular trends that Brace has certainly benefited from over the years. First, it was obviously the rise of mobile and the app stores and then we started to see the walls get broken down between messaging channels within businesses and we started to land a lot more of those cross-channel deals and expanding into places like e-mail and web and in product messaging.
